VA HB599 | 2010 | Regular Session
Status
Spectrum: Partisan Bill (Republican 2-0)
Status: Engrossed on February 15 2010 - 50% progression, died in chamber
Action: 2010-02-24 - Senate: Passed by indefinitely in Finance (9-Y 6-N)
Text: Latest bill text (Comm Sub) [HTML]
Status: Engrossed on February 15 2010 - 50% progression, died in chamber
Action: 2010-02-24 - Senate: Passed by indefinitely in Finance (9-Y 6-N)
Text: Latest bill text (Comm Sub) [HTML]
Summary
Income tax; Public/Private Education Investment Tax Credit. Creates income tax credits for business entities and individual taxpayers who make contributions to eligible public school foundations and eligible scholarship foundations. For individual taxpayers, the amount of the annual credit is 90 percent of the contribution but may not exceed $800 for individual taxpayers and $1,200 for married taxpayers filing jointly. The amount of the annual credit for business entities is 90 percent of the contribution with no limit on the dollar amount. The public school foundations are required to disburse annually 90 percent of the contributions for capital improvement projects approved by the local school board and for extracurricular activities. The scholarship foundations are required to disburse 90 percent of the contributions for qualified educational expenses through scholarships. There is a $20 million cap on total tax credits awarded annually, with $10 million allocated for contributions made to public school foundations and $10 million allocated for contributions made to scholarship foundations. The credit would be effective for taxable years beginning on and after January 1, 2011.
Title
Income tax, state; Public/Private Education Investment Tax Credit, created.
Sponsors
| Del. Mark Cole [R] | Del. James Massie [R] |
Roll Calls
2010-02-24 - Senate - Senate: Passed by indefinitely in Finance (9-Y 6-N) (Y: 9 N: 6 NV: 0 Abs: 0) [PASS]
2010-02-16 - House - House: VOTE: --- PASSAGE (55-Y 44-N) (Y: 57 N: 44 NV: 0 Abs: 0) [PASS]
2010-02-12 - House - House: Reported from Appropriations with substitute (13-Y 8-N) (Y: 13 N: 8 NV: 1 Abs: 0) [PASS]
2010-02-10 - House - House: Subcommittee recommends reporting with amendment(s) (5-Y 3-N) (Y: 5 N: 3 NV: 0 Abs: 0) [PASS]
2010-02-01 - House - House: Reported from Finance with substitute (14-Y 7-N) (Y: 14 N: 7 NV: 1 Abs: 0) [PASS]
2010-01-29 - House - House: Subcommittee recommends reporting (4-Y 0-N) (Y: 4 N: 0 NV: 0 Abs: 0) [PASS]
2010-02-16 - House - House: VOTE: --- PASSAGE (55-Y 44-N) (Y: 57 N: 44 NV: 0 Abs: 0) [PASS]
2010-02-12 - House - House: Reported from Appropriations with substitute (13-Y 8-N) (Y: 13 N: 8 NV: 1 Abs: 0) [PASS]
2010-02-10 - House - House: Subcommittee recommends reporting with amendment(s) (5-Y 3-N) (Y: 5 N: 3 NV: 0 Abs: 0) [PASS]
2010-02-01 - House - House: Reported from Finance with substitute (14-Y 7-N) (Y: 14 N: 7 NV: 1 Abs: 0) [PASS]
2010-01-29 - House - House: Subcommittee recommends reporting (4-Y 0-N) (Y: 4 N: 0 NV: 0 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2010-02-24 | Senate: Passed by indefinitely in Finance (9-Y 6-N) | |
| 2010-02-17 | Senate: Referred to Committee on Finance | |
| 2010-02-17 | Senate: Constitutional reading dispensed | |
| 2010-02-16 | House: VOTE: --- PASSAGE (55-Y 44-N) | |
| 2010-02-16 | House: Read third time and passed House (55-Y 44-N) | |
| 2010-02-15 | House: Engrossed by House - committee substitute HB599H2 | |
| 2010-02-15 | House: Committee substitute from Appropriations agreed to 10105350D-H2 | |
| 2010-02-15 | House: Committee substitute from Finance rejected 10104786D-H1 | |
| 2010-02-15 | House: Read second time | |
| 2010-02-14 | House: Read first time | |
| 2010-02-12 | House: Committee substitute printed 10105350D-H2 | |
| 2010-02-12 | House: Reported from Appropriations with substitute (13-Y 8-N) | |
| 2010-02-10 | House: Subcommittee recommends reporting with amendment(s) (5-Y 3-N) | |
| 2010-02-04 | House: Assigned App. sub: Elementary and Secondary | |
| 2010-02-01 | House: Referred to Committee on Appropriations | |
| 2010-02-01 | House: Committee substitute printed 10104786D-H1 | |
| 2010-02-01 | House: Reported from Finance with substitute (14-Y 7-N) | |
| 2010-01-29 | House: Subcommittee recommends referring to Committee on Appropriations | |
| 2010-01-29 | House: Subcommittee recommends reporting (4-Y 0-N) | |
| 2010-01-25 | House: Assigned Finance sub: #3 | |
| 2010-01-12 | House: Referred to Committee on Finance | |
| 2010-01-12 | House: Prefiled and ordered printed; offered 01/13/10 10103472D |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 58 | 1 | 439.25 | (n/a) | See Bill Text |
| 58 | 1 | 439.28 | (n/a) | See Bill Text |
